FAQs - Accounts

Yes. You must maintain a Primary Savings account with the required $5 minimum balance in order to open any other accounts, including checking.

Are my funds insured?

Yes. Your Credit Union funds are insured to an aggregate of $250,000 per depositor by the National Credit Union Administration (NCUA), an independent agency of the United States Government. Senate IRA Certificates are also protected separately up to $250,000.

Accounts titled joint parties may increase the amount insured. Please contact a member service officer or visit the NCUA publications.Complete information>>

Is there a monthly fee for a Senate checking account?

There are no monthly service fees for a Senate Checking account. However the Gold Source Checking account, which pays dividends, is subject to a monthly fee if the balance falls below the required minimum.

Do you offer overdraft protection on checking accounts?

Yes. Both the EasyLine Credit Line and the SenateLine Credit Line may be used for overdraft protection. Additionally, your savings account may be tied to your checking for overdraft protection.

How do I place a Stop Payment?

You can place a Stop Payment request at any one of our branches, CU AnyHour online banking or through our TeleAction service at (202) 228-1156, (703) 317-2450 or (800) 374-2758.

How long would it take for me to get checks? A check card?

Members should receive checks within seven to ten business days from the time the order is placed. Members should receive the Senate Check Card and a corresponding Personal Identification Number (PIN) notification within seven to ten business days of the order.

What is Check 21?

Effective October 28, 2004, the Check Clearing for the 21st Century Act (Check 21) bring the nation's check payment system into the digital age and allow consumers to benefit from better and faster financial services.

Check 21 replaces the system that forces over 40 billion checks a year to be exchanged physically and often transported around the country several times before the payment cycle is completed.

How will Check 21 benefit you?

Detects Fraud Faster - Since check clearing is faster, fraud can be detected and investigated sooner which brings about a quicker resolution.

Faster Check Clearing - You get a more accurate picture of your account balance.

More Secure Check Information - Checks do not have to be physically transported via truck, train or plane.

What is a Substitute Check?

Check 21 makes legal for banks to replace original checks with "substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and the back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check.

Some or all of the checks that you receive back from us may be substitute checks.